https://www.taxtmi.com/caselaws?id=60167 The Tribunal allowed the Department's appeals and upheld the reassessment decision for the assessment years 1969-70 and 1971-72. It found that the debt claim secured against exempt assets violated tax provisions, justifying reassessment under section 17(1)(a) of the Wealth Tax Act. The Tribunal emphasized the importance of disclosing debts secured against exempt assets and rejected the argument that full disclosure was made in the original return, ultimately supporting the Department's position on the reassessment. en-us Thu, 29 Jan 1981 00:00:00 +0530 Tue, 04 Jan 2011 11:13:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60167 The Tribunal allowed the Department's appeals and upheld the reassessment decision for the assessment years 1969-70 and 1971-72. It found that the debt claim secured against exempt assets violated tax provisions, justifying reassessment under section 17(1)(a) of the Wealth Tax Act. The Tribunal emphasized the importance of disclosing debts secured against exempt assets and rejected the argument that full disclosure was made in the original return, ultimately supporting the Department's position on the reassessment. Case-Laws Wealth-tax Thu, 29 Jan 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60167